What the papers said about Autumn offers and changing rules

As the end of the year approaches, mortgage lenders are keen to secure as much new business as possible, and this weekend’s financial press looked at the current crop of enticing deals.

Some have cut rates, while others have dropped set up fees or begun offering cashback. New lenders have come into the market, which has also increased competition, so now is a good time for borrowers to review their mortgage options and secure an ultra-competitive deal if they can.

The Times and Sunday Times both highlighted how important it is for homeowners to factor in the costs of switching mortgage, rather than just looking at the headline rate. The lowest ‘best buys’ often carry high arrangements fees, which may not be cost effective for those with smaller mortgages. There are plenty of attractive ‘fees-free’ deals available, so it is worthwhile looking across the market.

The Sunday Telegraph looked at the current hot topic of portfolio landlords. Experts suggested that changes to the rules, which come into force at the end of the month, could mean a noticeable increase in the amount of work investors will have to do when applying for a mortgage.

Preparation will help of course, for example by compiling a spreadsheet containing details of all properties, whether mortgaged or not. Lenders will also want to see information on rental income, personal income and tax liabilities, so being organised is the key to making the process easier.

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

We're here to offer our customers excellent fee free mortgage advice. Our expert advisers will help you secure the best mortgage deal whether you're a first time buyer, remortgaging your home, buying to let or moving up the property ladder. We'll help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest, mortgage advice.

Representative example A mortgage of £188,578 payable over 22 years, initially on a fixed rate until 31/12/23 at 2.19% and then on a variable rate of 4.74% for the remaining 17 years would require 62 payments of £900.79 and 202 payments of £1,094.12. The total amount payable would be £276,994 made up of the loan amount plus interest (£88,283) and fees (£133). The overall cost for comparison is 3.7% APRC representative.

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